Edtech Firm BrightChamps Begin Accepting Crypto Fees in India, Overseas Markets

BrightChamps, a Goa-based edtech firm, has officially announced the acceptance of crypto payments for its services in international markets. The platform will now accept fees in the form of Bitcoin, Ether, and Tether from its users in India, US, Canada, UAE, Nigeria, Malaysia, and Thailand, among other nations. India recently imposed a 30 percent tax on incomes generated by crypto transactions as part of its regulatory measures. The platform has said that since its parent company BrightChamps Edtech Pte Ltd. is based in Singapore, it's allowing Indians as well to pay for its services in crypto.

TripleA, a Singapore-based crypto payment gateway has been roped in by BrightChamps to facilitate its crypto transactions. BrightChamps decided to go forward with this pro-crypto decision after recently acquiring literacy platform Education10x and expanding its teams.

Ravi Bhushan, the founder and CEO of BrightChamps, announced the news by acknowledging that cryptocurrency is the future of payments.

“The decision to allow cryptocurrencies as payment was an obvious and imminent one for us. We hope that by enabling crypto payments, we will be able to make our offerings accessible to a wider audience around the world,” Bhushan said in a press release.

Founded in 2020, BrightChamps claims to have registered multi-fold growth in the times of COVID-19 when online education became the need of the hour. The company is currently valued at $500 million (roughly Rs. 3,728 crore).

In recent years, several brands have integrated crypto payments into their operations. Bitcoin and Ether, that are the top two crypto assets by market cap respectively, are popular as accepted cryptocurrencies for service charges. Dogecoin is also a preferred crypto token.

Elon Musk's Tesla, Mark Cuban's Dallas Mavericks NBA team, and movie hall chain AMC Theatres accept crypto payments for some of their services in the US, among other brands.

Recently, Uber CEO Dara Khosrowshahi also announced that the cab hailing major is open to the idea of accepting crypto payments in the future.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.